PURCHASE, N.Y.—Acceptance of cryptocurrencies continues to advance in the U.S.
Mastercard said it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.
As CUToday.info reported, Visa recently announced it plans to help banks roll out Bitcoin and cryptocurrency buying and trading services with a Visa crypto software program, set to launch later this year.
By moving to support some crypto assets directly, Mastercard will “cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,” a Mastercard spokesman told MarketWatch.
The company plans to be selective about which cryptocurrencies it allows as it embarks on its plan, MarketWatch added.